Need to take a hardship distribution? In the Bipartisan Budget Act (“Act”) passed in February 2018, Congress softened provisions on hardship distributions from 401(k) plans. Effective for plan years beginning after December 31, 2018, if a participant takes a hardship distribution from a 401(k), the participant will be able to Read more…
On October 19th the Internal Revenue Service (IRS) announced IRS 2018 Adjusted Retirement plan contribution limits inflation-adjusted figures for retirement account savings for 2018. 401(k)s: The amount you can contribute to your 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan, increases to $18,500 – a $500 boost over Read more…
There are several traditional methods of holding title to property, including: tenancy in common, joint tenancy, or community property. In addition, California allows married couples to hold property as “community property with right of survivorship.” Each method has its own advantages. You may want to hold title differently for different Read more…
An audited financial statement is a financial statement that has been prepared in accordance with generally accepted accounting principles and has been audited by an independent certified public accountant in accordance with generally accepted auditing standards and includes footnotes to the financial statements. It’s the audit team’s duty to review the Read more…
The Internal Revenue Service (IRS) publishes an annual list of the “Dirty Dozen” tax scams that are on its target list. Earlier this month the IRS said avoiding taxes by hiding assets or money in unreported offshore bank or brokerage accounts remains one of its 2017 “Dirty Dozen” and is Read more…
Cramped on space and understaffed? Considering a move to a new state or perhaps just adding onto your building? Is your business ready to grow? If you plan to hire as few as 3 new employees over the next five years, or spend $20,000 or more in capital improvements, please Read more…
Over the past five years, the US has experienced an influx of foreign capital being used to purchase real estate, both commercial and residential. Foreign investors looking to escape tepid economic growth prospects or currency devaluation in their home countries, a rout in equities markets or just trying to diversify Read more…
Most successful family-owned businesses are started by talented entrepreneurial-minded individuals. These individuals grow with their businesses and learn many valuable lessons along the way. When they try to fit others into their shoes, they find it to be a tough fit! The second generation may not have the same talents Read more…
Effective for any assets that were reported to the Internal Revenue Service on an estate tax return filed after July 31, 2015, the value of any asset reported on the estate tax return must also be used for income tax purposes. This new requirement is meant to close a loophole Read more…
More and more accountants and financial advisors are recommending that we have a will, living trust and/or an advance health care directive in place to either carry out our medical care wishes or protect us and our assets in the future. The question is how do you choose an attorney Read more…